Tuesday, January 6, 2015

The average closed price in 2006 was $558,387. This was an all-time high and represented a 19.2% price increase over 2005.

The all time high in annual sales was in 2005 with 162 closings (at that time) and 2006 saw a slight decrease to 141 closings.

The average days on market (DOM) was "only" 125 days in 2006.

There were 11 homes sold for $1 million or more

The year 2007 began the downturn with slightly lower numbers for sales and average sales price

The Downturn (The Bad)2008 - 2012

4 straight years of average closed price decreases (2007 - 2010)

Average closed price during this period $488,604 (a 12.5% decrease) with the lowest point being in 2012 at $457,489 (an 18.1% decrease from 2006)

Average annual closings decreased to 113 with a low of 88 in 2009

Average DOM was up significantly to 208 days with a high in 2011 of 243

During this period just 4 homes per year (on average) closed at $1 million or more

The (Partial) Recovery (The Not So Bad)2013-2014

Average closed price during this period up 5.98% over 2012

Average price in 2014 was at $479,951 - still down 14.0% from 2006, however, this is up 4.9% over 2012

Closings averaged 180 per year, up 59.3% over the previous 5 year period

Average DOM down to 196 days - down 5.8%

During this period, 7 homes per year closed at $1 million or more

183 closings in 2014, an all-time high

Home closings criteria for analysis: Waterfront on Lake Murray; minimum 75 feet water frontage; single family home with minimum 1200 square feet; minimum price $150,000.

More interesting data:
There are four Multiple Listing Service areas: Irmo/Chapin, Lexington, Newberry County, Saluda County - the Lexington and Chapin areas accounted for 79% of all closings on the lake.
Prices in the Lexington / Chapin areas were 55.9% higher than the average for Newberry and Saluda counties combined.

Currently:

Lake Murray Living is GREAT!

151 homes for sale waterfront on Lake Murray

Average asking price is $665,632 - notice this is significantly higher than the closed average for 2014

In 2014, for the homes closed, the final average asking price was $514,839 (compare to the current overall asking price). The average price reduction was 6.78%

Conclusions: many homes are overpriced and buyers are drawn to the homes priced to sell; lower priced homes attract more buyers

20 homes for sale at $1 million or higher - enough to last almost 3 years at recent sales

The most important NEWS here is that NOW still is the time to BUY a home on or near Lake Murray. To BUY or SELL on Lake Murray, Contact Mel Coker. I know Lake Murray. I SELL Lake Murray. I live on Lake Murray.